Perfect and brief revision notes based on the specification. Covering the following spec points: 1.1 Nature of economics • 1.1.1 Economics as a social science 1.2 How markets work • 1.2.1 Rational decision making • 1.2.2 Demand • 1.2.3 Price, income and cross elasticities of demand • 1.2.4 Supply • 1.2.5 Elasticity of supply • 1.2.6 Price determination • 1.2.7 Price mechanism 1.3 Market failure • 1.3.1 Types of market failure • 1.3.2 Externalities 1.4 Government intervention • 1.4.1 Government intervention in markets • 1.4.2 Government failure Theme 3: Business behaviour and the labour market 3.1 Business growth • 3.1.2 Business growth 3.2 Business objectives • 3.2.1 Business objectives 3.3 Revenues, costs and profits • 3.3.1 Revenue • 3.3.2 Costs • 3.3.3 Economies and diseconomies of scale • 3.3.4 Normal profits, supernormal profits and losses 3.4 Market structures • 3.4.1 Efficiency • 3.4.4 Oligopoly • 3.4.5 Monopoly • 3.4.7 Contestability 3.5 Labour market • 3.5.2 Supply of labour 3.6 Government intervention • 3.6.1 Government intervention

Perfect and brief revision notes for Edexcel macro notes on the following topics: Theme 2: The UK economy – performance and policies 2.1 Measures of economic performance • 2.1.1 Economic growth 2.2 Aggregate demand (AD) • 2.2.2 Consumption © • 2.2.3 Investment (I) 2.4 National income • 2.4.1 National income • 2.4.2 Injections and withdrawals • 2.4.4 The multiplier 2.5 Economic Growth • 2.5.3 Trade (business) cycle 2.6 Macroeconomic objectives and policies • 2.6.2 Demand-side policies • 2.6.3 Supply-side policies Theme 4: A global perspective 4.1 International economics • 4.1.1 Globalisation • 4.1.2 Specialisation and trade • 4.1.6 Restrictions on free trade 4.2 Poverty and inequality • 4.2.2 Inequality 4.4 The financial sector • 4.4.1 Role of financial markets • 4.4.2 Market failure in the financial sector 4.5 Role of the state in the macroeconomy • 4.5.2 Taxation • 4.5.3 Public sector finances • 4.5.4 Macroeconomic policies in a global context